Business Retail Insurance

Retailers Come in all Shapes and Sizes and so do our Flexible Retail Insurance Policies

Your retail liability insurance doesn’t just protect you, it can also protect your staff and customers. The retail industry is very varied, ranging from large chain stores with recognisable brands and the retail floor or storeroom space to carry a large amount of merchandise, to small, independent retailers with quirky, unusual goods. But retailers have similar responsibilities when it comes to insurance; to protect anyone that comes into your premises.

At smei, we appreciate that you’re incredibly busy juggling a multitude of different hats: from manager to customer service assistant; cashier to accountant; stock manager to health and safety adviser. Finding time to work out what sort of retail business insurance you need can be very time-consuming, so we make it easy with our flexible retail insurance. With many years’ experience in supporting retailers around the UK, our knowledgeable team can advise you on the right level of business insurance for your shop.

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Accidental damage.
Book debts/accounts receivable.
Buildings cover.
Business interruption.
Contents cover.
Embedded machinery breakdown.
Employers liability.
Fleet.
Glass.
Goods in transit.
Legal expenses.
Loss of rent receivable.
Money at home of insured or authorised employee.
Money on premises or in safe.
Money on the premises outside business hours.
Public and products liability.
Subsidence.
Product recall.
Tenants improvements.
Terrorism.
Theft by employee.

Why Business Retail Insurance is Important

There are a number of key retail insurance covers a shop owner typically needs to protect their business. If you don’t have these protections in place you might have to pay out of your own pocket if someone makes a claim against you. Employers liability insurance is mandatory if you have employees. This covers you if any of your employees are injured or become sick as a consequence of working for you. It could cover the cost of any claim, along with associated legal fees.

Public liability insurance is also a good idea if you have premises because it can protect you if a customer, supplier, or member of the public is injured or if their personal property is damaged as a result of your negligence.

Your premises, fixtures, equipment, and stock are likely to be your most important business assets, so you need building insurance along with protection for your fixtures and stock. If you lease your premises, then retail contents insurance might be suitable.

You might also want to consider financial protection for your takings and money stored on the premises, or being taken to a bank. And if you use a vehicle for your business to transport stock then you may want to get commercial vehicle insurance and goods in transit. Business interruption insurance can help you to pay the bills if you’re unable to trade while your shop is closed.

How Much Does Retail Business Insurance Cost?

The cost of business retail insurance can vary depending on the cover you need. Our policies are flexible and can be adapted to suit you, so whether you run a small retail unit or you’re a large, out-of-town retailer we can build the right retail insurance policy for you. 50% of our shop and retail customers paid less than £387.18 per annum last year.*** Multiple options may be available from our panel of insurers – each with differing features and prices. In this case, we will present you with the quotes, and advise you if required, so you can make an informed decision on which policy is best for you.

We also offer insurance for specific kinds of retailers and shop owners – have a look at our shop and retail insurance page. And we also offer tailored online retailer insurance and e-commerce insurance.

* Please click here to view our pricing disclaimer.

** Standard and optional cover may differ dependent upon insurer.

*** Data compared from 418 policies sold in 2020.

Frequently asked questions

Different types of charity shops have varying needs of protection. For example, your charity shop may sell everything from clothing and books, to electrical items such as televisions and sound systems, or you may need cover for fundraising events and activities. The policies that you include in your charity's insurance package may be influenced by a number of factors, including the size and nature of your charity, and the work it carries out. Why not speak to one of our advisers and let them know your requirements, and we'll look for a policy that best suits your needs.

If you have employees, by law you need employers liability insurance. This protects you if an employee becomes injured or seriously ill as a result of working for you. As you have members of the public filtering in and out of your charity shop, pubic liability insurance is essential. This cover will protect you if a shopper has an accident or stock is damaged as a result of you or your employee's negligence. For charity shops, stock insurance should be a high priority. Without your stock, you wouldn't be able to run your business. This type of cover protects you if your stock is damaged or stolen and needs replacing.

As you constantly have members of the public filtering in and out of your supermarket, pubic liability insurance is essential. This cover will protect you if a shopper has an accident or their property is damaged as a result of you or your employee's negligence. If you have employees, by law you need employers liability insurance. This protects you if an employee becomes injured or seriously ill as a result of working for you. Stock insurance should be a high priority. Without your stock, you wouldn't be able to run your business. This type of cover protects you if your stock is damaged or stolen and needs replacing. It can also be increased around key dates when you would carry goods that are more expensive than usual, like at Christmas for example.

Each supermarket has varying needs of protection. For example, your supermarket may have an onsite bakery or you may have a large amount of frozen stock that you need to insure. Speak to one of our advisers and let them know your requirements, and we'll look for a policy that best suits your needs.

The cost of your insurance policy depends entirely on your needs. Our flexible policies can be adapted to fit your requirements and your budget too. For example, multiple options may be available from our panel of insurers - each with differing features and prices. We will find you several possibilities so you can make an informed decision on which option is best for you.

Some types of insurance may be a legal requirement. Others will protect you and your supermarket in the event of a claim but are not compulsory. Not having the right insurance or inappropriate cover for your supermarket could be a false economy. For example, if you don't have public liability insurance and a customer trips over a box left on the floor you may be liable to pay costs of compensation. Therefore, it's important to consider all the risks facing your supermarket and match your insurance protection to your requirements which should provide you with peace of mind that a potential claim won't damage your business.

Some types of insurance may be a legal requirement. Others will protect you and your bike shop in the event of a claim but are not compulsory. Not having the right insurance for your bike shop could be a false economy. For example, if you don't have public liability insurance and a customer trips over equipment or boxes on the floor, you may be liable to pay compensation costs. Therefore, it makes sense to match your insurance protection to your requirements which should provide you with peace of mind that a potential claim won't damage your business.

Some types of insurance may be a legal requirement. Others will protect you and your charity shop in the event of a claim but are not compulsory. Your charity will likely be interacting with members of the public on a daily basis, which means there's a risk of your charity's activities causing injury, illness or property damage to a third party. If an unexpected situation occurs, then you could be held liable for the damage, and financially responsible for legal fees and compensation. Public liability insurance for charities could cover you in this situation.

For bike shops, stock insurance should be a high priority, especially given the value of the products you are selling. Without your stock, you wouldn't be able to run your business. This type of cover protects you if your stock is damaged or stolen and needs replacing. It can also be increased around busier seasonal periods when you may offer bikes and equipment that are more expensive or exclusive.